From: jeffrey E. <[email protected]> Sent: Tuesday, January 19, 2016 3:58 PM To: Richard Kahn Subject: Re: New Issue $25 Par. Wells Fargo & Company (WFC) Perpetual Preferred Stock; 5.75% Area; Fixed-for-Life 3 mill On Tue, Jan 19, 2016 at 10:56 AM, Richard Kahn <[email protected] <mailto:[email protected]» wrote: currently you have no exposure=to wells in equities or preferreds or bonds please adv=se thank you Richard Kahn HBRK Associates Inc. Begin forwarded message: Subject: New Issu= $25 Par: Wells Fargo & Company (WFC) Perpetual Preferred Stock; 5.75%=Area; Fixed-for-Life Date: January 19, 2016 at 10:22:46 AM EST To: &=uot:Richard Kah Hey Rich, EFTA_R1_01587757 EFTA02474885

=ope all is well. Definitely=a crazy start to the year. =anted to show Southern Trust Company a new issue preferred coming today: $25 Par New Issue Syndicate O=fering: Wells Fargo & Company (WFC) 40 Q 4> 4> 40 4> 4> Issuer: =ells Fargo & Company (Ticker: WFC) Securities Offered: 4> Depositary shares each representing 1/1,000th interest in a share of no=- cumulative perpetual Class A Preferred Stock Series W * Expected Ratings: 4> Baa2/BBB/BBB (St/St/St) 4> Size: $250mm (10mm=shares) 4> 4> 4) Q Maturity: 4> Perpetual 4> Price Guida=ce: Q 5.75% Area; Fixed for Life Q 40 40 <=u> Offer Price: $25 =er depositary share 4> Dividends 40 Quarterly, in arrears on the 15th of March, June, Sep=ember, and December 4) 4> <=u> First Payment: March 15, 2016 40 40 Optio=al Redemption: In whole, or in part, on March 15, 2021, or any=dividend payment date thereafter, at a redemption price equal to $25,000 p=r share of Series W Preferred Stock (equivalent to $25 per depositary shar=), plus an amount equal to any declared and unpaid dividends, without accumulation of any un=eclared dividends. The Series W Preferred Stock may also be redeemed by us=at our option in whole, but not in part, prior to March 15, 2021, upon the=occurrence of a "regulatory capital treatment event," as described herein, at a redemption 2 EFTA_R1_01587758 EFTA02474886

price equal=to $25,000 per share of Series W Preferred Stock (equivalent to $25 per de=ositary share), plus an amount equal to any declared and unpaid dividends,=without accumulation of any undeclared dividends. (See Red) QDI/DR= Eligible: * Yes, See Red for tax and withholding details. * Subject to U.S. Tax Withholding for NRA Clients: * 40 Yes' l> * <=> Expected Listing: *410 NYSE under the symbol WFCprW * Settlement: =anuary 29, 2016 j> Timing= * Today's Business As you can see it*=99s not Fix-To-Float, but still worth looking at. Speak soon. =u> Best, Andrew<=> Andrew S. Atlas<=b> Financial Advisor <=>Equity Sales/Middle M=rkets Group* Morgan Stanley=Wealth Management 3 EFTA_R1_01587759 EFTA02474887

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